Guaranty Bancshares, Inc., the holding company of Guaranty Bank & Trust (Guaranty), announced today the completion of its acquisition of DCB Financial Corp., the holding company of Preston State Bank (DCB). As part of the agreement, Preston State Bank, a wholly-owned subsidiary of DCB Financial Corp., merged with and into Guaranty Bank & Trust.
The completion of this merger transaction with DCB adds approximately $127 million in total assets, deposits of $94 million, and total equity capital of $24 million to Guaranty’s balance sheet, elevating total assets to approximately $1.5 billion. All former employees of Preston State Bank have joined Guaranty’s team. Guaranty will continue to operate existing locations in North Dallas at 16980 Dallas Parkway and in Preston Center at 5944 Luther Lane.
Ty Abston, Chairman of the Board and CEO of Guaranty, said, “This transaction has allowed us to build a strategic partnership as we expand our banking footprint into the DFW market. The unique strengths that both companies brought to the table will benefit all of our customers.”
Chuck Cowell, President and CEO of Preston, serves as Chairman of the Dallas market for Guaranty. Cowell stated, “This new partnership with Guaranty is truly a ‘win, win, win’ for our shareholders, customers and staff. Everyone is extremely excited to join the Guaranty team as we continue to grow and expand in the DFW market.”
The Preston State Bank transaction, in conjunction with the previously announced acquisition of Texas Leadership Bank in Royse City, will provide Guaranty with three bank locations in the DFW market when the Royse City transaction closes in April.
About Guaranty Bancshares, Inc.
Guaranty Bancshares, Inc. is the holding company for Guaranty Bank & Trust, with $1.5 billion in assets. Guaranty is one of the oldest and most respected regional community banks in Texas, with a full array of commercial and consumer banking, as well as mortgage, trust, and wealth management products and services that are tailored to meet the needs of small and medium-sized business, professionals, and individuals. Guaranty has 22 bank locations across 15 Texas markets. Additional information about Guaranty Bank & Trust and its full line of products and services can be found at www.gnty.com.